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From IceCap Asset Management, February 2013, The Worst Is Over The dark ages were an awful time. Considering the brightest days delivered constant warfare, the burning of books, and the fear of barbarians, no one ever looked forward to the darkest days. Fast forward 1,600 years, and the darkest days of the European debt crisis are finally over - not because the bad debt has been written off or due to the consolidation of all debt, but simply because everyone has said so. First up to declare the worst is over was European Commission Vice President Ollie Rehn who announced “the worst is over”.
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